XML 46 R12.htm IDEA: XBRL DOCUMENT v3.25.1

Short-Term Loan Receivables

12 Months Ended

Dec. 31, 2024

Short-Term Loan Receivables [Abstract]

SHORT-TERM LOAN RECEIVABLES

NOTE 3 — SHORT-TERM LOAN RECEIVABLES

The following table summarizes information with regard to short-term loan receivables outstanding as of December 31, 2024 and December 31, 2023, and the interest income from short-term loan receivables is $0 and $0 for the year ended December 31, 2024 and December 31, 2023.

		Interest Rate				December 31, 2024				December 31, 2023
LA PRIMERA CAPITAL INVESTMENTS			0%			$	30,000			$	30,000
AMERIDGE CORPORATION			0.1%				11,000				97,000
HANRYU BANK CO.LTD			0%				14,721,901				—
FNS CO.LTD			0%				250,332				—
Due to exchange rate fluctuations							—				4,080
(-) Allowance for credit losses							(15,012,895	)			—
Total short-term loans						$	338			$	131,080

*

For the fiscal year ended December 31, 2024, the Company wrote off short-term loan receivables in the amount of $16,179,823, based on the fact that more than six months had passed since the loan due dates and after assessing the recoverability of the amounts. Hanryu Bank Co. Ltd. and FNS Co. Ltd. were excluded from the consolidated subsidiaries as of 2024 due to the sale of all their shares.

*

Allowance for credit losses related to short-term loan receivables denominated in foreign currencies was recognized. The bad debt expense presented in the statement of operations was translated using the average exchange rate, while the allowance balance in the balance sheet was translated using the closing exchange rate. The difference between these amounts arises from exchange rate fluctuations and does not represent an actual change in the amount of credit loss or additional provision.

As of December 31, 2023, the balance of short-term loans changed from $127,000 as of December 31, 2022, to $131,080 due to the application of the year-end exchange rate, reflecting an increase in the exchange rate. This change is due to exchange rate fluctuations and is not related to any actual change in the loan amount or additional allowance for credit losses.

X

- References

No definition available.

+ Details

Name:	us-gaap_LoansAndLeasesReceivableDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/310-10/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

+ Details

Name:	us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration